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First Tin hails good start to year on tin confirmation at extension

27th Jan 2023 10:30

(Alliance News) - First Tin PLC on Friday touted the potential of the Taronga tin project, as drilling proved a southwestern extension to its current resource area in Australia.

First Tin is a London-based tin development company with advanced, low capex projects in Germany and Australia. The Taronga project, which was acquired in 2022, is readily mineable as a low strip ratio open pit.

Recent drilling at the site proved a 350-metre extension to the southwest of the current resource area, the company said.

Four lines of reverse circulation drilling were completed at 100-metre spacing. In addition, eight diamond drill holes and an additional reverse circulation hole were completed as twins of the drilling previously undertaken by Newmont.

The Newmont Joint Venture was responsible for exploration work at the project between 1979 and 1983.

Results of the twin drilling are still being collated, and will be reported when complete. To date, they have not shown any significant divergence from the historical Newmont data.

However, a revised interpretation of the mineralisation suggested that the southwest extension is a continuation of the payback extended zone of mineralisation.

Based on this data, First Tin intends to launch an increased drilling programme of 5,500 metres reverse circulation drilling.

It said this would help to convert the extension into an indicated resource.

"It is very pleasing that these drilling results have proven the existence of significant tin mineralisation, confirming our interpretation that the Taronga tin deposit remains open to the SW," said Chief Executive Officer Thomas Buenger.

"The opportunity to create additional value at Taronga remains very strong indeed. We believe that the mineralisation in the NE is also open, and we plan to test several areas which are within the confines of the pits proposed by Newmont with shallow RC drilling. Given the positive nature of these drill results, we plan to fast-track this drilling in order to establish the extent of mineralisation within the immediate Taronga project area," he added.

First Tin shares were trading 2.5% higher at 15.64 pence each in London on Friday morning.

By Holly Beveridge; Alliance News reporter

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